How should I handle multiple cashier’s checks or other assets I might forget to list so they go to the right person? – NC Short Answer In North Carolina, the usual way to handle cashier’s checks or other assets that may be missed in a will is to include a clear residuary clause. That clause…
Will transferring the house with an enhanced life estate deed affect a parent’s eligibility for benefits or trigger penalties? – NC Short Answer Possibly. In North Carolina, transferring a home with an enhanced life estate deed can affect needs-based long-term care benefits if the transfer is treated as a transfer for less than fair market…
If I change my power of attorney, do I need to update my will too? – NC Short Answer No. In North Carolina, a power of attorney and a will are separate estate planning documents, so changing the agent under a power of attorney does not automatically change or revoke a will. A will usually…
What estate planning documents should we have in place besides a will, like powers of attorney and healthcare directives? – NC Short Answer In North Carolina, a complete estate plan usually includes more than a will. Many families also need a durable financial power of attorney, a health care power of attorney, an advance directive…
Can I name my parent as my medical power of attorney instead of my future spouse after I get married? – NC Short Answer Yes. In North Carolina, an adult with capacity may name a parent as health care agent instead of a future spouse, and marriage does not automatically replace that choice. The key…
What updates should we make to an older estate plan to make sure everything will work when needed? – NC Short Answer In North Carolina, an older estate plan should be reviewed to confirm that the documents are still valid, the named decision-makers are still the right people, and the plan actually covers both incapacity…
How do I set up a will and power of attorney? – NC Short Answer In North Carolina, setting up a will and a power of attorney usually means choosing the right decision-makers, putting the documents in writing, and signing them with the required formalities. A will generally needs the person making it to sign…
What happens if a trustee gives incomplete financial information and the beneficiary cannot tell how the trust is being managed? – NC Short Answer In North Carolina, a trustee generally must keep beneficiaries reasonably informed and provide enough financial information for the beneficiary to understand how the trust is being administered. If the trustee gives…
How do I set up a trust to receive my life insurance payout and hold my home and land? – NC Short Answer In North Carolina, a trust can be set up to receive life insurance proceeds and to hold a home and land, but the trust must be properly drafted and then properly funded.…
Do I need an assignment of personal property to make sure anything I forgot still ends up in my trust? – NC Short Answer Usually, yes. In North Carolina, an assignment of personal property is a common trust-funding document that helps move general personal property into a revocable trust, especially items that do not have…
